NOTICE REQUIRING FILING OF PROOFS OF CLAIM
ON OR BEFORE JUNE 30, 2003 AT 5:00 p.m., EASTERN TIME

To all investors and other creditors of Ashbury Capital Partners, L.P., Ashbury Capital Management, L.L.C., or Mark Yagalla (collectively "Defendants"):

Please take notice of the following:

On June 3, 2003, the Court signed an order (the "Bar Date Order") establishing June 30, 2003 at 5:00 p.m., Eastern Time, (the "Bar Date"), as the last date and time for the filing of proofs of investment and proofs of claim with the Receiver in SEC v. Yagalla et al 00 Civ. 7898 (RCC) (S.D.N.Y.).

Pursuant to the Bar Date Order, each person or entity (including, without limitation, each individual, partnership, joint venture, corporation, estate, trust and governmental unit) that wishes to assert that it has invested with, or has a claim for payment against one or more of the Defendants must file an original, written Proof of Claim Form so as to be actually received on or before the Bar Date by the Receiver either by mailing or delivering by messenger or overnight courier, the original proof of claim to Armstrong Receivership, Kirkpatrick & Lockhart, LLP, attn. Susanne Calabrese, 599 Lexington Avenue, New York, New York 10022. The Receiver will not accept proofs of claim sent by facsimile, telecopy, or electronic mail.

The Receiver reserves the right to dispute, object to, or assert offsets or defenses against, any amount listed on any Proof of Claim Form.

A copy of the Proof of Claim Form tailored for this case can be obtained by contacting the Receiver at (212) 536-3961, the Receiver's telephone hotline number. The Receiver may be contacted at the hotline number for assistance if there are any questions concerning the filing or processing of a Proof of Claim Form. Investors and creditors should consult an attorney regarding any other inquiries, such as whether the investor or creditor should file a Proof of Claim Form.

Any investor or creditor who is required, but fails, to timely file a Proof of Claim Form on or before the Bar Date shall be precluded from asserting any claim against any of the Defendants and their property, and such investor or creditor shall be denied any distributions under any plan or plans of distribution implemented by the Receiver.

Date:

New York, New York
June 6, 2003

By order of the Honorable Judge Richard C. Casey,
United States District Judge